The nationwide common lease value in February fell to $2,088, based on the most recent Leases.ca Rent Report.
This marks the fifth consecutive month of year-over-year lease declines, with February’s 4.8% lower being the biggest since April 2021.
Regardless of these declines, lease costs stay 16.9% larger than pre-pandemic ranges and 5.2% larger than two years in the past.
“Rents in Canada are softening as provide is outweighing demand,” mentioned Shaun Hildebrand, President of Urbanation.
“House completions are at the moment working at file highs, whereas on the similar time, inhabitants development has slowed and the economic system faces heightened dangers as a result of a possible commerce battle with the U.S.,” he added. “Anticipate rents to proceed lowering within the near-term as these tendencies possible stay in place.”
Since February 2024, the common asking lease in Canada has fallen by $105 monthly—a steeper decline than the one seen through the pandemic from February 2020 to February 2021. In contrast, rents rose by $209 monthly between February 2023 and February 2024.
Regardless of the current drop, common rents stay $302 monthly larger than they had been 5 years in the past.
Ontario accounts for many of the lease decline in Canada
The general decline in asking rents was largely pushed by Ontario, the place lease costs for purpose-built and apartment leases dropped 4.2% year-over-year to $2,329. British Columbia (-1.0% to $2,457) and Quebec (-0.6% to $2,329) additionally recorded declines.
In distinction, lease costs elevated in Alberta (+1.4% to $1,732) and Nova Scotia (+1.2% to $2,171). The strongest lease development was recorded in Saskatchewan (+5.2% to $1,329) and Manitoba (+3.4% to $1,606), the 2 most reasonably priced provinces.
Throughout most areas, three-bedroom flats held up higher than smaller models. In Ontario, rents for these models dipped simply 0.3%, whereas different unit sorts noticed bigger declines. B.C. recorded a slight enhance, whereas Quebec led lease development, adopted by Alberta and Manitoba.
Calgary leads lease declines in main markets
Amongst Canada’s largest rental markets, Calgary noticed the largest annual drop, with condominium rents falling 7.0% to a mean of $1,916. Toronto rents fell 6.7% year-over-year to $2,615, marking the thirteenth consecutive month of annual declines and reaching a 2.5-year low.
Vancouver’s common asking lease dropped 4.8% to $2,870, its lowest degree since April 2022. Montreal and Ottawa noticed milder declines of three.0% and 0.2%, respectively, whereas Edmonton bucked the pattern with a 2.9% annual enhance to $1,531.
Among the many most reasonably priced rental markets, Regina had the bottom common lease at $1,322, adopted by Saskatoon at $1,409.
In the meantime, Quebec Metropolis recorded the best annual lease development (+12%), with studio rents surging 29% to $1,252.
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Final modified: March 11, 2025
